Ethereum Doubters continued to win Rekt on Wednesday, and Eth's continued and surprising rally led to the liquidation of a short position of hundreds of millions of dollars.
ETH has pushed the surge that has been reaching $4,700 early Wednesday for the first time since late 2021, pushing the surge that has been enduring little by little since the beginning of August.
The token was evenly equal to $4,694 at the time of writing, halting a 7.9% rise in the last 24 hours and a notable leap of 52.7% from a month ago on each Coingecko data.
These moves are written by investors betting on the short-term misfortune of cryptocurrencies. According to Coinglass data, over $250 million ETH short positions have been settled in the last 24 hours alone.
An additional $44 million was settled in the same period in the long token position, with the total ETH liquidation reaching more than $286 million on the last day.
That figure is currently the most active cryptocurrency in the derivatives market. In contrast, on the last day, Bitcoin-related positions worth $41.5 million have been settled.
Ethereum is at the highest ever
The sharp focus on Ethereum escalated as the token approached a new all-time high price. This is a feat not achieved since the 2021 crescendo of the bull run in the crypto market.
On November 10, 2021, ETH reached a record value of $4,878. Tokens are currently at a record high of less than 5%. It hasn't come much closer to breaking it in years. In countless forecast markets, over 80% of users expect Ethereum to explode at an all-time high, reaching $5,000 in 2025 (Disclaimer: Myriad was launched by Decryptionparent company Dastan).
Over the past 24 hours, approximately $532 million in crypto derivatives positions have been settled across the market. Ethereum shorts represent almost half of that number.
Many factors could be attributed to the recent surge in ETH after months of inactive performance, including a recent regulatory move by the US federal government, poised to speed up integration with the traditional economy of Crypto.
However, ETH's most consequential story these days may be deflationary tales. Over the past few months, ETFs and corporate finances have been swallowing tokens very aggressively, and now holds around 8% of the global supply.
